Shares of Ocugen Inc (NASDAQ: OCGN) today surged 56.3% premarket as investors bought the biotech company’s shares following news that the board wanted to slash the number of shares to be issued by 100 million.
Investors cheered the move by bidding up the biotech company’s stock price after the company made the announcement on December 23 during its AGM, which was adjourned in order to allow the company’s board to amend its initial announcement.
Ocugen filed a Definitive Proxy Statement filed with the Securities and Exchange Commission on October 30, 2020 with the intent to issue 500 million new shares in future, but now wants to revise the number to 400 million.
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The decision came after the biotech company, which develops treatments for blindness, unveiled a new partnership with India’s Bharat Biotech to co-develop the latter’s COVID-19 vaccine candidate Covaxin for the US market.
The two developments triggered a massive rally in Ocugen’s stock rally that continued today as evidenced by the 50% pre-market rally.
Ocugen share price
Ocugen shares today surged 56.25% to trade at $2.75 having rallied from Thursday’s closing price of $1.76.